Bitcoin and other cryptocurrencies are under pressure again. On Tuesday night, the price of the oldest digital currency on the Bitfinex trading platform fell about five percent to $39,223 (EUR 35,984.40), its lowest level in nearly a month. Other digital stocks also fell.
Ethereum, the second largest internet currency by market value, fell as much as number one Bitcoin to $2,951. Prices recovered somewhat on Tuesday morning.
Two developments are currently weighing heavily on digital systems. On the one hand, many central banks are tightening their monetary policy because of high inflation. Rising interest rates weigh on interest-free investments such as crypto assets. On the other hand, the digital currencies, which are considered particularly risky, often move with the price development on the exchanges. The mood there has often been gloomy lately because of the Russian war against Ukraine.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
